News

  • UDI Pacific’s ‘State of the Market’ quarterly publication for Q3-2017 is now available. View the report here.

    The below is from a December 5, 2017 press release from UDI which can be seen in its entirety here.

    NEW MULTI-FAMILY HOUSING SHORTAGE A 911 CALL TO GOVERNMENTS

    VANCOUVER, BC — Whether you’re a first responder, a teacher, barista, lawyer or tech worker seeking a new, multifamily home to rent or buy in the Metro Vancouver area, you’ll find the latest third quarter State of the Market 2017 report confirms an acut…

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  • Strong demand for multi-family product continues to drive the housing market in Greater Vancouver as 2017 comes to a close. In total, multi-family transactions accounted for 70% of residential transactions recorded by the MLS in November.

    The Real Estate Board of Greater Vancouver reported a total of 2,795 transactions in November 2017, which is an increase of over 26% over November last year and about 7.5% less than the 3,022 homes sold in October 2017. The 2,795 sales were comprised of: 841 detached home transactions, 446 townhome transact…

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  • For the past decade the Fraser Valley Real Estate Board has been reporting stats for the winter season that reflect lower sales, reduced prices and decreased inventory. This winter appears to be ignoring that seasonality for the most part, potentially in anticipation of the new mortgage rules in January.

    At first glance the benchmark price for a detached home in the Fraser Valley appears to follow the typical seasonal decreases but it’s not until you exclude South Surrey that you get the real picture. Most communities outside of Surrey (La…

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  • by Adam Lawrence, Land & Investment Sales, Frontline Real Estate Services Ltd.

    The Evergreen Line in Coquitlam City Centre, photograph by Steve Ray. Source: https://www.habitatgv.ca/news/2017/8/23/city-of-coquitlam-is-partnering-with-habitat

     

    On November 28th the local development community gathered for a UDI breakfast event to hear from the City of Coquitlam regarding the City’s plans to accommodate the influx of an anticipated 84,000 new residents to the municipality in the next 30 years.

    The panel discussion incl…

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  • By Mike Harrison, Land & Investment Sales, Frontline Real Estate Services Ltd.

    On December 1st, the Surrey Board of Trade (SBOT) hosted an event to facilitate conversation about development in Surrey, which included a presentation on the proposed Light Rapid Transit (LRT), an address by Surrey’s Mayor Linda Hepner and updates from the head of Surrey’s Planning and Engineering departments.

    The video presentation on the proposed LRT explained the two phases of the 27 km light rail project with the phase 1 connecting Newton Exchange …

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  • by Adam Lawrence, Land & Investment Sales, Frontline Real Estate Services Ltd.

     

    Premier John Horgan addressed a large contingent of stakeholders in the local development community at the latest UDI luncheon held in Downtown Vancouver on November 16, 2017. The Premier was joined by Minister of Municipal Affairs and Housing, the Honourable Selina Robinson, in what was the first time in close to a decade that a sitting Premier of British Columbia has spoken at an event hosted by the Urban Development Institute.

    The packed ho…

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  • This article West Coast townhomes now selling at Berkeley Village in sunny South Surrey was originally published on November 20, 2017 on BuzzBuzzNews (BuzzBuzzHome).

    Berkeley Village, a modern townhome neighbourhood in South Surrey, offers unparalleled access to amenities and green spaces. Developed by Ikonik Homes, these two- and three-bedroom plus den townhomes feature rooftop decks and bright, spacious interiors. Residents will also enjoy access to an exclusive amenity building for gatherings, events and community activities.

    Berk…

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  • Demand for multi-family product continued to drive the Greater Vancouver residential market in October. Overall residential sales continue to outpace historical norms, at least 30% more units traded across all property types when compared to the same time period last year, but significantly more completed deals are coming from an increasingly tight supply of apartments and townhomes. REBGV reports that there were a total of 3,022 residential property sales in October of which 940 were detached homes, 1,532 were apartments and 550 were attached …

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  • The Fraser Valley Real Estate Board’s stats for October show a continued divergence between attached and detached homes. The relative affordability of multi-family homes has resulted in another month of strong sales and price escalation while detached homes slowed once again. Attached homes now represent 56% of the month’s total sales, up from 53% in September.

    The benchmark price for a townhome and an apartment climbed a further 0.8% and 3.1% respectively, month-over-month, with almost constant days on market and reductions in inventory…

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  • On October 23, 2017 Township of Langley Council voted once again on 3rd Reading for the Brookswood-Fernridge Official Community Plan (OCP) update. In an unprecedented 7-2 vote in favour of 3rd Reading, we received the long-awaited conclusion to nearly 2 years of planning, public consultation, debate, drafting and revision.

    The council meeting began with a presentation by Township staff to review previously approved amendments to the draft OCP and additional amendments resulting from the September 11th meeting of council. Staff then presented…

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  • Robust demand for townhouses and condos continued to drive the Greater Vancouver housing market in September. The sales to active listings ratios indicate that these product types remain firmly entrenched in a seller’s markets while detached homes remain in the balanced market, as observed for several months now.

    Benchmark prices for all residential property types were up month over month. However, townhomes (1.1%) and condos (1.4%) showed much stronger price growth than detached homes. Detached homes showed a negligible price growth of 0….

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  • Coming back from the summer break, the Fraser Valley market stats are telling quite different stories for the attached and detached segments of the market.

    Townhomes and apartments continue to increase their lead over detached homes, counting for more than half of all home sales. Benchmark prices are up month-over-month again for attached homes, with apartments leading the charge at a 2.5% price increase. Days on market remains steady at less than 3 weeks with continued low supply and strong demand holding sale prices above list price. The a…

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  • This article Southside takes a quiet, but amenity-rich location by Michael Bernard was originally published on September 23, 2017 in the Vancouver Sun.

    Louise Roos couldn’t stay away from the South Surrey site where her new home was going up. As a former welder-turned-structural engineer, she couldn’t resist dropping by — almost daily — to see how Miracon Development and its crew were doing in building her single-family home.

    “They told me ‘Well, you can go inside, Louise, but just don’t start giving orders to workers,…

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  • UDI Pacific’s ‘State of the Market’ quarterly publication for Q2-2017 is now available. View the report here. The below is from a September 12, 2017 press release from UDI which can be seen in its entirety here:

    Throttled Supply of New Multi-Family Housing Worsens

    VANCOUVER, BC —New multi-family housing supply continues to decline with zero new townhomes or concrete apartments completed and move-in ready in Vancouver. Only 31 apartments were ready for occupancy in the entire Metro Vancouver region at the end of June 2017, shown in UDI…

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  • Despite its traditional reputation as a quiet month, August activity in the residential markets North of the Fraser River was notable, particularly in the multi-family sectors. For all residential product types, REBGV is reporting an increase in unit sales of 19.6% above the August sales average, a 2.8% increase over July 2017 and a 22.3% increase over July 2016.

    Despite seeing listings decline nearly 18% month over month, the condominium market recorded a 10% increase of completed transactions over July 2017, and a 20% increase over August …

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  • Looking back over the past 10 years of statistics, August is always a slow month. What’s interesting about this August is that it appears to have slowed considerably less than normal. Active listings are down as fewer new listings came to market but sales are up in both multi-family product categories. Furthermore, over the past 5 years detached homes have decreased 19% to 29% in August. This past August detached home sales decreased by less than half of that, falling only 9%. These statistics indicate that demand remains strong across all re…

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  • Consistent with a typical summer lull, the July statistics for the Fraser Valley are showing double digit decreases in sales (20-28%) and corresponding increases in inventory. For context, July 2016 (reminder: this was before the implementation of the foreign buyer tax) reported even greater decreases in sales, over 30% in townhomes and condos. The July 2017 decrease is normal for this time of year.

    Consistent with the seasonal trend, July statistics also show a slight increase in days on market and a decrease in the sale price as a percent …

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  • Two days of council deliberation and a dozen council-initiated amendments later, the draft Brookswood-Fernridge OCP failed to be given 3rd Reading on July 11th. There was visible frustration among the Mayor and council members as 16 months of planning and public engagement failed to generate an OCP update which the majority of council could stand behind.

    Over the two days of deliberation, council members brought forward an extensive list of 28 amendments for consideration. Of the amendment proposed, 12 were passed by council and include:

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  • There’s a new addition to our monthly infographic! In an effort to raise the bar, we will now be including our team’s opinion of current market revenue figures for new construction townhomes, wood-frame condos and detached homes. We have focused on the two most active development areas of the Fraser Valley: South Surrey and Willoughby.

    Now back to regularly scheduled programming…

    June was the month of the condo in the Fraser Valley with aggressive price increases, a drop in active listings, a further reduction in days on market, and…

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  • June has seen two plans moved forward by the Township of Langley municipal council:

    The Brookswood-Fernridge Official Community Plan (OCP) was given 1st and 2nd reading by council on June 12 and a special public hearing was held on June 27, 2017.
    The Smith Neighbourhood Plan, in Willoughby, was adopted by council on June 26, 2017.

    Brookswood-Fernridge

    Land use map from proposed Brookswood-Fernridge Official Community Plan.

    The Brookswood-Fernridge OCP was granted 1st and 2nd reading on June 12, despite some councillors wan…

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  • It was a full house for UDI Fraser Valley’s forecast lunch on June 21, an event that has increased in popularity each year and is expected to continue to grow as the “centre of gravity shifts” east in the Lower Mainland and more development and investment is focused on the Fraser Valley.

    Century Group’s Bob Ransford mediated the event with a panel including Don Campbell, Senior Real Estate Analyst at REIN Canada, Christine Butchart, Regional Economist for BC at CMHC, and Scott Brown, President & CEO of Fifth Avenue Real Estate Ma…

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  • There’s a new addition to our monthly infographic! In an effort to raise the bar, we will now be including our team’s opinion of current market revenue figures for new construction of townhomes, condos and single family homes. We have focused on the two most active development areas of the Fraser Valley: South Surrey and Willoughby.

    Now back to regularly scheduled programming… May was another aggressive month of price increases in the Fraser Valley. The benchmark price of all three residential categories rose by approximately 3% month …

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  • By Kyle Dodman, Industrial Sales & Leasing, Frontline Real Estate Services Ltd.

    On May 17th, the City of Abbotsford hosted one of their first public events regarding the municipality’s Plan for 200k; Building the Hub of the Fraser Valley. This plan has been put in place to assess how the City of Abbotsford can grow into the “city of the future” with a population of 200,000 residents. The plan covers a variety of projects that act on the plans outlined in the updated Official Community Plan (OCP). The topic of the May 17th event was…

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  • UDI Pacific’s ‘State of the Market’ quarterly publication for Q1-2017 is now available. View the report here. The below is from a May 29, 2017 press release from UDI:

    New Multi-Family Housing Availability Falls Off a Cliff Across Metro Vancouver

    VANCOUVER, BC —Availability of new multi-family housing has reached historic lows with zero new townhomes completed and move-in ready in Vancouver, and only 16 townhomes and 15 condos ready for occupancy in the entire Metro region (Lower Mainland) at the end of March 2017. These startling find…

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  • By Mike Harrison, Land & Investment Sales, Frontline Real Estate Services Ltd.

    On May 16th, the Township of Langley hosted an open house at the George Preston Rec Centre to showcase the draft OCP for Brookswood-Fernridge. The plan provides a high-level development guide for the undeveloped area of Brookswood-Fernridge with a variety of densities centred around two higher density nodes on 200 Street at 32nd and 24th Avenue, and cascading down towards the agricultural land reserve to the East.

    The key take-aways from the open house …

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  • Port Kells remains one of the most sought after industrial submarkets in suburban Metro Vancouver. Below, we consider what makes Port Kells so desirable, the impact of this popularity, and how Port Kells compares to other industrial submarkets in the Fraser Valley.
    PORT KELLS: THE PLACE TO BE
    Port Kells has some of the highest lease and sale prices in the Fraser Valley, this trend is justified due to Port Kells superior characteristics, including:

    LOCATION, LOCATION, LOCATION

    Adjacent to 4 major highways: Trans-Canada Highway (Highw…

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  • Total inventory for the Valley remains at all-time lows as we push further into a strong Spring market reminiscent of 2016.

    Prices continue to climb rapidly with the benchmark price of a detached home reaching a new 10 year high – even above the height of the market in 2016. Even the 17% increase in townhome listings couldn’t stop the benchmark price from increasing 3.2% over March 2017. Condos rose a similar 3.1%.

    Days on Market continued to fall in April, reaching levels not seen since September of 2016. Apart from June and July of …

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  • By Mike Harrison, Land & Investment Sales, Frontline Real Estate Services Ltd.

    Andy Ramlo is the man behind Bob Rennie’s numbers and has a uniquely entertaining approach to the nerdy side of the real estate market. Ramlo, the Vice-President of Market Intelligence of the Rennie Group and Executive Director of the Urban Futures Institute, presented to a full house at a UDI luncheon in Vancouver on April 20th. Here are the key take-aways from his presentation:

    Signs point towards a tight spring market with continued upward pressure on …

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  • By Mike Harrison, Land & Investment Sales, Frontline Real Estate Services Ltd.

    The Township of Langley’s planning department, along with consultants from Modus, have been hard at work driving the public engagement portion of the OCP update process for Brookswood and Fernridge. Last night (April 12, 2017) they hosted the last of 9 public workshops aimed at collecting community input on housing design for the multi-family component of the new plan.

    The workshop attendees were split into small groups, each facilitated by a member of TO…

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  • Welcome Spring market! The key Fraser Valley real estate metrics in March have the month nearly on par with June of 2016, just before it reached its peak.

    Month over month, sales spiked in all three product categories while active listings increased less than 4% in all residential product categories and decreased by 1% in townhomes. The result is a sales to active listings ratio at or above 100% for multi-family product and detached homes shooting way into a seller’s market.

    The lack of supply and incredible demand pulled the average …

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